Building Materials – Sector Update – Ceramic Tiles – Geopolitical headwinds, export-driven tailwinds
Published on 05 Mar 2026
India has signed or concluded 4–5 Free Trade Agreements (FTAs) in CY25–CY26, which are expected to improve exports from India across several products, including ceramic tiles. We note that in CY22, when India signed an FTA with the United Arab Emirates (UAE), India’s ceramic tile exports to the UAE delivered 22.6% CAGR over FY21–25, reaching Rs13.4bn in FY25 and Rs10.9bn in 9MFY26. Currently, the UAE accounts for ~7.6% of India’s ceramic tile exports, the highest share for any single country. We believe a similar opportunity could emerge following FTAs signed with the United Kingdom, Oman, and the European Union, which currently account for ~4.9%, ~1.8%, and ~12.3%, respectively, of India’s ceramic tile exports.
